Cheaper suburbs leap ahead as leafy suburbs languish in Christchurch housing market

Real estate values in million-dollar Christchurch suburbs like Fendalton and Scarborough hill have lost ground while buyers scoop up deals in areas such as Hoon Hay and Aranui.

With increased demand starting to push up prices, the value of a home in the city has risen by an average 4.3 per cent in the past year, according to property analyst CoreLogic.

CoreLogic’s figures show several inexpensive suburbs have had values increase by more than 5 per cent over a year.

Debra Hakaraia, owner of Smart Real Estate, said some buyers were out-of-towners, buying sight-unseen and paying good prices. In the past three days, four homes on their books – including one in Hoon Hay – had received multi-offers, she said.

“People are coming from Auckland and Australia buying in Christchurch – there’s a lot of confidence here now.

Source: Stuff


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